Tag Archives: Asif Balwa

2G: ED to attach properties worth Rs 223 cr of DB Realty, others

The Enforcement Directorate in India will attach immovable property worth Rs.223 crore of five companies involved in the 2G scam case, after an anti-money laundering court gave its nod on Tuesday, Jan 10.

The firms are connected with the alleged bribe of Rs.200 crore paid to Kalaignar TV.

The competent authority under the Prevention of Money Laundering Act (PMLA) approved the ED order for attachment after hearing the arguments of all the parties.

“The attachment order has been upheld by the PMLA court here,” official sources said.

The agency had made the CBI charge sheets in this regard as the basis for this order.

“According to the chargesheets of CBI, a bribe of Rs.200 crore was given by Swan Telecom Pvt Ltd (now M/s Etisalat DB Telecom Pvt. Ltd.) to Kalaignar TV through a number of intermediary companies in the garb of loan or share application money. However, the same was returned to Dynamix Realty (a company of Shahid Usman Balwa and Vinod Goenka),” ED had earlier said in its order.

“The details of the charge sheets show disclosures made by the intermediary companies in the movement of the bribe money under the garb of loan or share application money do not substantiate genuine and bonafide financial transactions,” the order said.

Asif and Rajeev are the directors of DB Realty group firm – Kusegaon Fruits and Vegetables Pvt Ltd which was allegedly used in a “circuitous manner” for transfer of Rs.200 crore as a kickback to DMK-run Kalaignar TV Pvt Ltd.

They are accused of playing key roles in the transfer of Rs.200 crore bribe to Kalaignar TV through various firms promoted by Shahid Usman Balwa.

Shahid was arrested on February 8 while Asif and Rajeev were arrested by the CBI on March 29 and they are currently in Tihar Jail.

Rajeev is also the director of Conwood Constructions and Developers Pvt Ltd (a partner of Dynamix Realty).

Shahid allegedly is direct beneficiary of the 2G spectrum allocation scam with his firm Swan Telecom having been alloted the spectrum licence as per a criminal conspiracy hatched by him along with former Telecom Minister A Raja and others.

While opposing the bail pleas of the trio, Special Public Prosecutor U U Lalit had submitted that Dynamix Realty acquired 49 per cent shares in Cineyug Films Pvt Ltd (held by co-accused Karim Morani) only subsequent to the transfer of the bribe money and they all were the umbrella companies of DB Realty.

He had also rebutted the submission of the defence that the alleged “illegal gratification” of Rs.200 crore was actually for the shares of Kalaignar TV and the same was called back after the valuation of the share was higher than assessed and Rs.200 crore would not have fetched good shares.